LOS ANGELES--(BUSINESS WIRE)--Langdon Park Capital (LPC), a Black-owned real estate investment company, today announced the $63.2 million acquisition of a 304-unit apartment complex located near Washington, DC in Fort Washington, Maryland, and the appointment of industry veteran Julia Stevenson as LPC’s Director for the Mid-Atlantic region. These two key milestones advance the firm’s commitment to addressing the unmet demand for high-quality, affordable housing in historically underserved Black and Latino communities across the United States.
The property, which will be rebranded Langdon Park at Fort Washington, was built in 1965 and is in a predominantly Black community with most residents earning below 70% of area medium income. Preserving that affordability while providing housing that residents can be proud of is core to LPC’s mission and investment strategy. The property is situated minutes outside the Capital Beltway and offers convenient access to regional employment centers within Prince George’s County and Washington, DC. LPC has committed more than $5 million for capital improvements at the property, including upgraded interiors of units, building exteriors, common areas, and the on-site community center. As part of its value-add to residents, LPC will work with organizations to provide access to a range of social services from financial education to workforce development support, and more.
“The lack of affordable housing is a pervasive issue within the country and one that hits home for me personally, being born and raised in a similar neighborhood in Washington, DC,” said LPC Founder and CEO Malcolm Johnson. “Langdon Park Capital’s mission is about providing real homes and real communities to hard-working families where they can grow and thrive. I’m confident that our team’s lived experiences, cultural competency, and investment acumen will help to create long-term value for residents and investors alike.”
LPC approaches each investment in a highly customized way to enhance communities based on the specific needs of residents. At this initial phase, the leadership team has identified three community-focused partners to provide support for residents: non-profit organizations Washington Jesuit Academy, which provides comprehensive education for promising students from underserved communities, and Employ Prince George’s, a workforce development service provider, as well as Esusu, a minority-owned fintech platform that will allow residents to have their rental payments reported to major credit bureaus to help establish or improve their credit profiles and build stronger credit histories.
As part of the announcement, LPC is expanding its presence in the region with the appointment of industry veteran Julia Stevenson as LPC’s Director for the Mid-Atlantic region, effective June 20, 2022. Stevenson will be based in Washington, DC. Her extensive real estate experience includes fund management, impact investing, development, and project finance, with prior leadership roles at LISC Strategic Investments, Banneker Ventures, Eagle Bank, PNC Bank, and the Howard County (MD) Real Estate Development office.
“Beyond her deep expertise in commercial real estate, fund structuring and capital markets, Julia has a demonstrated track record of building teams, cultivating meaningful relationships, and building trust with broad segments of community and business stakeholders,” said Johnson. “We look forward to working closely with Julia to expand our platform in the region and bring our vision into reality.”
“LPC presents the market with an authentic commitment to impact investing at its intersection of commercial real estate and equitable capital. I look forward to building with Malcolm and the team in this meaningful work,” said Stevenson.
LPC was founded in 2021 by CEO Malcolm Johnson, who leads a diverse, dynamic leadership team with expertise in real estate finance, asset management, impact investing, and M&A. Kennedy Wilson (NYSE: KW), a global real estate investment company, was LPC’s founding partner, and the firm received a strategic investment from Eldridge, a holding company with a diversified network of businesses across finance, real estate, entertainment, and technology. Capital One, a top-5 Freddie Mac lender, provided a financing vehicle for the acquisition that can grow with LPC’s plans for the property.
About Langdon Park Capital
Langdon Park Capital (LPC) is a real estate investment manager focused on creating lasting social impact in historically underserved Black and Latino communities, while generating strong returns for its investors. The firm combines institutional capital with the industry expertise and the lived experiences of its diverse leadership team to customize its investment approach based on each community’s specific needs. Headquartered in Los Angeles, LPC invests in affordable and workforce residential and mixed-use real estate properties in cities across the United States. To learn more about Langdon Park Capital, please visit www.langdonparkcapital.com.